Park City Mayor Andy Beerman would agree that life can certainly turn on a dime. Wednesday morning the city got a call from the Treasure Hill land owners saying they had an offer the city wouldn’t want to miss – a 100 percent buy down of density. That means no roads, no houses and no boutique hotel – just 100 percent open space. KPCW’s Melissa Allison has more.

City Hall on Wednesday evening said late-hour negotiations are underway with the Treasure partnership in an effort to reach an agreement to acquire all the development rights attached to the hillside land.

It is another dramatic moment in the long-running discussions about the project. The announcement was made just before the Park City Planning Commission was scheduled to address the controversial project.

Mayor Andy Beerman declined to discuss details about the price.

City Hall had been in negotiations involving acquiring a 50 percent stake in Treasure for $30 million, with $24 million of that sum needed through a ballot measure.

That deal was reached with the Sweeney family, the traditional owner of the land. The Sweeney family’s partner in the Treasure land, a firm called Park City II, LLC, would have retained its stake under that scenario and pursued a reimagined, scaled-back project.

The current talks involve Park City II, LLC’s 50 percent stake in addition to the Sweeney family’s one-half share.

Negotiations Underway for Park City Municipal to Purchase 100 Percent of the Treasure Hill Project and Permanently Preserve the Land as Open Space

PARK CITY, UT— Park City Municipal Corporation and the owners of the Treasure Hill Project are negotiating an agreement to purchase 100 percent of the Treasure Hill Project to permanently preserve the hillside as open space and prevent any future commercial or residential development. The parties have an agreement in principle to provide a final purchase agreement and sale price for City Council and community consideration at their regularly scheduled City Council meeting on Thursday, February 1, 2018.

The proposed buyout would consist of the City purchasing the entire project, ending decades of community uncertainty. The purchase would be contingent upon a voter approved general obligation bond to be placed on the November 2018 ballot.

“Despite the best efforts of City staff, Planning Commission, and our technical experts, we were unable to meet the specificity and certainty that the public and City were requesting of our partnership,” said property owner Elizabeth Rad. “Though we remain committed to returning to our project proposal if this 100-percent buyout attempt fails, we have reluctantly come to the table with something the community has long sought and, to be fair, we have resisted – a full buyout of our development.”

Mayor Andy Beerman states: “Ultimately, my goal has always been to put the entire property into an open space conservation easement to prevent development and protect Old Town. Once and for all, we may have a chance to resolve decades of community anxiety and angst. I am excited the Treasure Hill partnership has finally accepted our request to present a full buyout of Treasure Hill. I want to thank the public, Planning Commission, staff, and the media for their persistence and participation.”

The City had already suspended the Main Street Plaza project and is currently reevaluating other ways to reduce the ultimate bond amount for voters to approve. In addition, the City will consider additional capital projects and other expenditures that can be deferred in order to reduce the amount of the bond.

Further details will be announced as soon as they are available and provided at the February 1, 2018, City Council Meeting at 6:00 pm at the Park City, City Hall.

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About Park City Municipal Corporation
Park City Municipal Corporation is a political subdivision of the State Utah. A former silver mining town, Park City is now home to two world-class ski resorts and was the mountain host for the 2002 Salt Lake City Olympic Winter Games. The town of 8,000 also hosts many special and cultural events, including the Sundance Film Festival and Kimball Arts Festival. Park City has been named America’s Best Mountain Town by Travel & Leisure Magazine.www.parkcity.org

About the Treasure Hill ProjectThe Treasure Hill Project owners are composed of Sweeney Land Company and Park City II, LLC.

The Park City Planning Commission on Wednesday night swiveled a spotlight toward the Sundance Film Festival as the panel, meeting a day before the festival opened, continued to discuss the Treasure development proposal but indicated more talks are desired next week.

The Planning Commission signaled it wants to meet again on Wednesday to address Treasure, a meeting that will take place as the festival continues. Traffic is normally bad during Sundance, and there are significant restrictions on parking in the vicinity of the Marsac Building for the festival. There was concern about the public’s opportunity to attend a meeting on Wednesday amid the Sundance hubbub.

The Planning Commissioners briefly considered perhaps receiving a written report next week from City Hall staffers in place of a meeting, but opted to gather instead. The panel members said they need information about Treasure that could be presented at a meeting on Wednesday as they prepare for a vote on a reimagined Treasure proposal shortly. It appears the Planning Commission will also meet about Treasure on Jan. 30, after the festival closes, depending on whether there are enough members available to hold a meeting and the availability of Mayor Andy Beerman to attend.

The proposed Treasure Hill project settlement agreement is on the calendar again this week, with the Park City Planning Commission considering it at a special Wednesday meeting. Rick Brough caught up with Mayor Andy Beerman for a status report: